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[Alpha Biz=(Chicago) Reporter Paul Lee] Huh Chi-hong, GS 4, joins the board of directors of Aboutpet

 

Huh Chi-hong, managing director of GS Retail, the eldest son of Huh Jin-soo, a senior advisor to GS Caltex, will join the board of directors of Aboutpet.

Aboutpet is a pet business affiliate that GS Retail acquired in 2018 to discover new growth engines.

According to the industry on the 28th, Aboutpet plans to vote on a new appointment of Huh as another non-executive director at its regular shareholders' meeting on the 30th. An agenda was also proposed to appoint the head of the "The Six Day" district council, which was acquired in December last year through an absorption and merger method, as an in-house director.

Aboutpet is a pet-specific platform company founded in 2012. GS Retail acquired a 24.66% stake in AboutPet for 5 billion won in 2018, pointing to the pet business as a new growth engine. Since then, it has increased its stake and incorporated it into a subsidiary. As of the end of last year, the holding stake was 66.15%.

It will be the first time for Huh to serve as a registered executive of a GS Retail affiliate. Since joining GS Retail in 2016, Heo has been listed as an unregistered executive as he was promoted to a senior managing director in 2020 and a managing director in 2021.

Aboutpet is expected to be a test bed for Huh to be evaluated for his management skills. Aboutpet has succeeded in external growth since its acquisition of GS Retail, but it has a 10,000-year deficit. Sales reached 46.3 billion won last year, up 76.7% from a year earlier, but net loss for the current term was 27.9 billion won, nearly doubling from a year earlier.

 

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